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Week 3 Assignment Product Marketing Plan The Product Marketing Plan allows you to select a single product and make an adapted version of that product or create your own product and write a plan...

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Week 3 Assignment

Product Marketing Plan

The Product Marketing Planallows you to select a single product and make an adapted version of that product or create your own product and write a plan explaining how you will market it. For an example of a company’s marketing plan, you can refer to pp XXXXXXXXXXin your textbook. Your Course Resources also gives you a template and a real example of a Product Marketing Plan to review. The NU Library has put together some resources for you to learn more about market plans in the enclosed video:

  • "Marketing Plans.Marketing Plans" (2:52) - Video Link

Your plan will include the following sections:

  • Executive Summary
  • Situation Analysis
  • SWOT/TOWS
  • Marketing Strategy
  • Marketing Promotion/Tactics
  • Financials
  • Controls
  • Resources

To get started with your research you can start by going to the NU Library's marketing research guide:

  • Marketing Resources: HomeMarketing Resources: Home

If you need assistance with your marketing plan, reach out to our SOBM librarian, Summer Krstevska, at XXXXXXXXXX or XXXXXXXXXX.

Your paper will be 7-8 pages (or it could be longer) and explain your product and the other 4 P’s: promotion, place and price. You will receive feedback from the Week 3 draft in order to complete in Week 4.
Original work is expected. Grammar and spelling will be graded also. If you would like to work on a product/service from your current employment that is ok. If you can't decide what to write on, you can also select a Cause and create a fund raising event for your Product.

Click on the "Week Three Assignment - Product Marketing Plan Draft" link above to submit your assignment, as well to get more information regarding the due date and grading rubric.

I would need a draft and then I will send it back after it has been reviewed and corrected by my instructor.

Week 3 Discussion post

Pricing Strategies

This is going to be a fun, but challenging assignment. So start WAY early!! Read Chapter 16. Select a company and interview the owner/manager regarding their pricing strategies and methods. Report on your findings. Ideally, this will be your current company, but you may need to be resourceful and find a business owner or manager from another company who is willing to visit with you. Your goal is to discover the following:

  1. What is the company’s pricing objective?For this question, it would helpful to show the interviewee a list of the pricing objectives on page 469 with very brief descriptions.(I suggest that you either highlight the first 1-3 sentences under each objective and then show the interviewee the highlighted descriptions in your text OR simply retype them on another sheet of paper for use in the interview).

  2. How sensitive are the company’s target customers to changes in price?(I suggest that you give them options on this question such as “highly reactive to price changes,” “moderately sensitive to price changes,” and “low sensitivity to price changes.”)

  3. Do they have some target segments that are less price sensitive than others?

  4. How much consideration does the company give to competitors’ prices when setting their own?

  5. What method of pricing do they use to arrive at the final price for the customer?For this question, you should be very familiar with the methods found under "Step 5" on pages XXXXXXXXXXbefore the interview, but do not ask the interviewee to select from among them. Instead, simply listen to the description of their pricing method(s) and process. Then, after the interview, try to determine which of the textbook’s methods the company uses. You do not need to request or report exact markups or profit margins! You should make this clear when requesting the interview! We are looking for methods of pricing, not exact figures.

Important note: This is your chance to do some “primary research.” I understand that it may be difficult to find a willing interviewee, but I expect you to try earnestly. If you fail to find a willing owner/manager after at least 7 attempts at different companies, then please email me and I will assist you. Don’t overlook companies owned by friends, people at your church, and those in your old hometown. In your post, you do not need to reveal the name of the company you interviewed or its location. You should, however, reveal the industry, the nature of the business (deli, grocery store, gift shop, nursery, barber, etc), and a rough idea of the size (single mom and pop or multi-location). If the business owner/manager is hesitant about what you may write, offer to submit your post to them for review before posting it.

Report your findings here by Wednesday at midnight. Remember to make at least two quality peer responses this week!

To answer this particular question, click the link above. Once you are in the forum, click the “Create Thread” button to view the question again, as well as, create and submit your answer.

Answered Same Day May 07, 2020 Swinburne University of Technology

Solution

Soumi answered on May 14 2020
144 Votes
Running Head: WEEK 3        1
WEEK 3        2
WEEK 3 ASSIGNMENT
PRODUCT MARKETING PLAN AND DISCUSSION POST ON PRICING STRATEGY
Executive Summary
This assignment deals with the product-marketing plan of an innovative product for The Hershey’s Company. The new product is a new chocolate with jelly filling. The situational analysis has been done to assess the position of the company. The SWOT analysis has been performed to analyze the internal and external environment. The marketing strategy and the promotional techniques for the new product have been outlined in detail. The change in sales due to launch of new product has been mentioned in the later part of the assignment. The resources of the organization and the control measures that need to be taken have been outlined towards the end of the assignment.
Week 3 assignment
Hershey’s is one of the leading manufacturers of chocolate products across the globe (Gallo, Antolin and Monteil, 2018). It has a wide variety of products that ranges from chocolate syrups to dark chocolates and milk shakes. The firm operates across the globe has tie-ups with different companies in different areas. Recently, the firm launched a product named Hershey’s cookie layer crunch. The products come in four flavors namely mint, caramel, vanilla and triple chocolate. According to the views of Kurie (2018), towards the end of 2017, retail sales crossed $100 million that indicates the products is one of the best of its total offerings.
Product Marketing Plan Idea
    Hershey’s has been offering chocolate products to its customers successfully, so far. However, the need to cope with the increasing market competition has
ought them to renovating their product range with the introduction of new products such as Hershey’s Cookie Layer Crunch, with a jelly filling, which is already available in four other flavor fillings, other than this and is quite popular in the market. For framing the marketing plan for this product, their situation analysis has been conducted using SWOT and TOWS analyses, which indicate that Hershey’s key strengths lie in them being a market leader in chocolate products and having a wide distribution network that provide them with the scope to expand in developing countries. However, their weakness of unorganized purchase of cocoa, coupled with high competition impose threats on them (Statista, 2018). Therefore, they will set up their marketing strategy with the help of 4Ps of marketing mix, and will conduct the promotion of the product through words of mouth as well as sponsorship activities. As suggested by Wang, Baker, Worthing, Gonzalez and Mongia, G. (2016), setting up a standard mechanism for the purchase of raw materials, such as cocoa in this case, implementing dedicated workforce, highly advanced technology for the manufacture of the product and preventing its imitation can also help them to establish their
and image in terms of this new product. Since the financials have been expected to provide the company with a sales growth of 2%, along with a targeted sales amount of $7 billion.
Situation Analysis
Hershey’s is one of the market leaders in the chocolate product segment. The latest offering of the company is the ‘Hershey’s cookie layer crunch’ that has led to a significant increase in the offerings of the firm. The firm anticipates a growth of 2-2.5% after the launch of the products that indicates the expectation of the management from the product. Cu
ently, the products is available in four flavors that are mint, triple chocolate, caramel and vanilla. The chocolate covers the inner layer of creamy crunch flavor (Statista, 2018).
There are chocolates in the market that offer vanilla and chocolate filling in the chocolate. On the other hand, there is no chocolate by Hershey’s in the market, which comes with a jelly filling. The sale of jelly in 2017 was more than 490 million units that indicates the preference of consumers towards jelly (Abt, Fong, gray and Robin, 2018). Strawbe
y and Grape were the most prefe
ed flavors in the year 2017. Therefore, the firm can exploit the situation in its favor and innovate the chocolate with a jelly filling in addition to existing flavors. As per the opinion of Greenberg et al. (2017), the customers can find the flavor of both chocolate and jelly in a single chocolate that will further boost sales of the firm (The Hershey Company, 2018).
SWOT/TOWS:
SWOT
    Strengths
    · Wide distribution network
· Billion dollar sales
· Market leader...
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